Subchapter O - Part III Common Nontaxable Exchanges Flashcards
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Title 26 > Subtitle A Income Taxes > Chapter 1 Normal Taxes and Surtaxes > Subchapter O Gain or Loss on Dispositions of Property > Part III Common Nontaxable Exchanges
Part III Common Nontaxable Exchanges
1031-1045
Exchange of Real Property Held for Productive Use Or Investment
1031
Exchange of Stock for Property (Corp issues stock for property)
1032
Involuntary Conversions
1033
Basically like 1031 like-kind exchange but when you’re forced to switch property like with natural disaster. Otherwise less restrictions.
Certain Exchanges of Insurance Policies
1035
Changing certain life insurance policies for other life policies or annuities for other annuities without triggering the investment gains.
Stock for Stock of Same Corporation
1036
Common stock for common or preferred for preferred of same Corp
Certain Exchanges of United States Obligations
1037
Can exchange Treasury bonds for treasury bonds I think?
Certain Reacquisitions of Real Property
1038
Can repossess real property sold in part for note without recognizing gain on note since you’re basically going back to original position.
Transfers of Certain Farm/Real Property
1040
Deals with transfers of certain property from estates
Transfer of Property Between Spouses or Incident to Divorce
1041
Sales of Stock to Employee Stock Ownership Plans or Certain Cooperatives
1042
Sell c-corp stock to ESOP and then buy some other stock or investment
Sale of Property to Comply of Conflict-of-Interest Requirements
1043
Executive or judicial branch members may sell and buy like-kind property to avoid conflicts of interest.
Rollover of Gain from Qualified Small Business Stock to Another Qualified Small Business Stock
1045
